Filing Flows › Peloton Interactive (PTON) › Q2 FY26
Peloton Interactive (PTON) Q2 FY26 earnings results (second quarter fiscal 2026)
10-Q filed Feb 5, 2026
Peloton Interactive (PTON) reported revenue of $656M for the second quarter fiscal 2026 (Q2 FY26), -3% from a year earlier and +19% from the quarter before. Operating margin was -2.2%, net loss $38.8M (5.9% of revenue).
Peloton Interactive, Q2 FY26: revenue $656M (-3% year over year), operating margin -2.2%, net loss $38.8M, operating cash flow $71.9M. The chart follows the revenue to costs, profit and cash.
| Q2 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $656M | +19% | -3% |
| Operating profit | −$14.3M | -135% | — |
| Net earnings | −$38.8M | -379% | — |
| Operating cash flow | $71.9M | 0% | -33% |
| Free cash flow | $71.0M | — | -33% |
What changed
Revenue was $656.5M in Q2 FY26, down 3% year over year and up 19% from the previous quarter. Subscription was the largest line at 63% of revenue. Connected Fitness Products lost $9.5M year over year (down 4%), 55% of the total change.
Gross margin was 50.5%, up 3.2 points from a year earlier. Operating costs exceeded revenue by $14.3M, an operating margin of -2.2%. Operating expenses fell 5% while revenue fell 3%. The fastest-growing cost line was Other operating costs (+28%). The quarter ended with a net loss of $38.8M, after a profit of $13.9M the previous quarter. Net interest and other expense of $24.7M was the main reason.
Operating cash flow was $71.9M (down 33% year over year). Non-cash charges added back $15.3M of depreciation and amortization and $55.7M of share-based compensation. Working capital and other items added $39.7M. After capital expenditures ($900K), free cash flow as the company reports it was $71.0M.
Questions
What was Peloton Interactive's revenue in the second quarter fiscal 2026?
Peloton Interactive (PTON) reported revenue of $656M for the second quarter fiscal 2026 (Q2 FY26), -3% from a year earlier and +19% from the quarter before.
Was Peloton Interactive profitable in the second quarter fiscal 2026?
Operating loss was $14.3M (-2.2% of revenue) and net loss $38.8M.